Part 1 Instructions: Record the following journal entries for ABC Corporation on the journal in the provided Student Inp

[answerhappygod]

Part 1 Instructions Record The Following Journal Entries For Abc Corporation On The Journal In The Provided Student Inp 1 (158.63 KiB) Viewed 39 times

Part 1 Instructions: Record the following journal entries for ABC Corporation on the journal in the provided Student Input Form (Excel file). Use the letter for each as the date. Requirements and Basic Instructions: 1. Each student should complete the project on an individual basis. Tutors and others are not allowed to help students on the project. If a project is not completed on an independent, individual basis, the student will receive zero points for the project. 2. Instructors can only answer questions on the project in general. 3. Students should complete the project and turn it in to the dropbox by the due date. The instructor reserves the right to not accept late projects or deduct points on projects turned in past the due date. 4. There are different versions of the project that will be assigned (course mailed) by the instructor. 5. By submitting in the Canvas dropbox you are "signing" that you have followed the instructions above. Journal Entries A. Issued 9500 shares of $10 par common stock at $11, receiving cash. (6 points) (6 points) B. Issued $ 190000 of 10 year 10% bonds at a market (effective) interest rate of 9%, with interest payable semiannually. Use the Present Value Tables in Appendix A of text book. Round all calculations to the nearest dollar. C. Declared a dividend of $0.25 per share on common stock. On date of declaration, 30400 shares of common stock were outstanding. (3 points) (2 points) D. Paid cash dividend from (C) above. E. Purchased 11400 shares of Jones Company for $10 per share, plus $5700 commission. Our company purchased less than 20% of the outstanding stock of Jones Company. (3 points) F. Declared a 5% stock dividend on the $10 par common stock when the market price was $ 25 per share. There were 30400 Shares outstanding. (6 points) G. Distributed the stock dividends declared in (F). (2 points) H. Purchased $5000 of 5% bonds at par. Interest is payable semiannually. (3 points)
(2 points) D. Paid cash dividend from (C) above. E. Purchased 11400 shares of Jones Company for $10 per share, plus $5700 commission. Our company purchased less than 20% of the outstanding stock of Jones Company. (3 points) F. Declared a 5% stock dividend on the $10 par common stock when the market price was $ 25 per share. There were 30400 Shares outstanding. (6 points) G. Distributed the stock dividends declared in (F). (2 points) H. Purchased $5000 of 5% bonds at par. Interest is payable semiannually. (3 points) 1. Purchased 570 shares of treasury common stock for $12 per share. (3 points) J. Received semiannual interest from bonds purchased in (H). (3 points) K. Received a total cash dividend of $1140 from Jones Company. (3 points) L. Received a $1900 dividend from our investment in Masco Company stock. This investment is accounted for under the equity method. (3 points) (6 points) M. Sold, at $17 per share, 285 shares of treasury common stock purchased in (1). N. Sold 2280 shares of Jones company stock purchased in (E) for $13 per share, including commission. (6 points) O. Masco Company's total earnings are $95000. We own 40%. Record the earnings for our company using the equity method. (3 points) P. Sold the bonds purchased in (H) at 103 plus $63 in accrued interest. (8 points) Q. At the end of the accounting period, the remaining shares of Jones Com increased $2.00 per share ny stock (3 Points) R. Record the payment of semiannual interest on the bonds issued in (B) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Round all calculations to the nearest dollar. (6 points)
Part 2 Instructions: Page 2 The balances listed below are for December 31 and already include the journal entries you just prepared except for the stockholders' equity accounts. The balances listed for the stockholders' equity accounts are the January 1 balances. You will need to utilize the journal entries you just prepared to complete the Statement of Stockholders' Equity. Prepare a multistep income statement, a statement of stockholders' equity, and a classified balance sheet in good form for the year ended December 31, 20X1. Use the Student Input Form (Excel File) to complete the Financial Statements Credit Debit 570,000 379,000 19,000 95,000 9,500 38,000 5,700 3,800 28,5001 579,500 Cash Accounts receivable Allowance for doubtful accounts Equity Investments at cost Valuation allowance for Equity Investments Merchandise inventory at lower of cost (FIFO) or market Prepaid expenses Interest receivable Investment in Masco Company stock Store buildings and equipment Accumulated depreciation-store buildings and equipment Accounts payable Income tax payable Bonds payable, 10%, due in 10 years Premium on bonds payable Retained earnings, January 1, 20X1 Cash dividends , January 1, 20X1 balance Stock Dividends, January 1, 20X1 balance Common stock, $10 par (100,000 shares authorized; 20900 shares outstanding), January 1, 20X1 Paid-in capital in excess of par-common stock, January 1, 20X1 Paid-in capital from sale of treasury stock, January 1, 20X1 Treasury stock, January 1, 20X1 Sales Gain from sale of investment Unrealized gain(loss) on Equity Investments Dividend revenue Interest revenue Income of Masco Company Cost of goods sold 285,000 167,810 2,000 190,000 9,500 433,295 0 0 209,000 20,900 0 1,330,000 1,900 18,240 1,520 5,130 38,000 760,000
9,500 433,295 0 0 209,000 20,900 0 Premium on bonds payable Retained earnings, January 1, 20X1 Cash dividends, January 1, 20X1 balance Stock Dividends, January 1, 20X1 balance Common stock, $10 par (100,000 shares authorized; 20900 shares outstanding), January 1, 20X1 Paid-in capital in excess of par-common stock, January 1, 20X1 Paid-in capital from sale of treasury stock, January 1, 20X1 Treasury stock, January 1, 20X1 Sales Gain from sale of investment Unrealized gain(loss) on Equity Investments Dividend revenue Interest revenue Income of Masco Company Cost of goods sold Advertising expense Depreciation expense-store buildings and equipment Miscellaneous selling expenses Sales commissions Office rent expense Office salaries expense Miscellaneous administrative expenses Interest expense Income tax expense 1,330,000 1,900 18,240 1,520 5,130 38,000 760,0001 $19,000 13,3001 9,500 38,000 95,000 114,000 1,9001 9,500 76,000
Journal Entries 2 - 8 points each (75 points) -